NewsletterJust-In: MATIC To POL Token Migration Set For September By Polygon
Highlights
- Polygon Labs sets September 4 this year for the MATIC to POL mainnet upgrade.
- The migration will happen automatically for MATIC holders on Polygon PoS and MATIC stakers and delegators on Ethereum.
- MATIC price fell 3% in the last 24 hours.
Polygon Foundation has set the date for the much-anticipated MATIC to POL token migration. POL token will replace MATIC as the native gas and staking token for the Polygon proof of stake (PoS) network. Subsequent stages may see the expansion of POL functionality, especially within the AggLayer, depending on community consensus.
Polygon Plans To Migrate MATIC To POL Token On September 4
In an official announcement on July 18, Polygon Labs has set September 4 this year for the MATIC to POL mainnet upgrade on Polygon. POL token migration is a community-driven upgrade first proposed last year. Polygon co-founder Sandeep Nailwal also reacted to the oncoming developments on the chain.
As per consensus, the upgrade from MATIC to POL as the gas and staking token for Polygon PoS is to happen initially. The launch of the Staking Layer and migration of Polygon public chains to leverage it, with expanding POL token utility to serve a crucial role in the AggLayer to happen subsequently.
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Polygon said MATIC on Polygon PoS and MATIC stakers and delegators on Ethereum don’t have to take any action for migration. However, MATIC holders on Ethereum chain, Polygon zkEVM, and in CEXes have to migrate. The team also made testnet migration live on July 17.
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Can MATIC Price Rally?
MATIC price has been under the radar after the SEC cited the token among others as securities in Binance and Coinbase lawsuits. Since then, Polygon token hasn’t witnessed much upside momentum. It is down 29% in a year and 4% in a month.
In the last 24 hours, MATIC price fell 3% after 8% jump this week amid renewed bullish sentiment. The 24-hour low and high are $0.5399 and $0.5607, respectively. Furthermore, the trading volume has increased by 9% in the last 24 hours, indicating a rise in interest among traders.
However, the MATIC community and Polygon team expect growth in the network and token price after the upgrade and further developments. As per CoinGape Markets analysis, MATIC can rally to $0.76 following a breakout of multi-month resistance of the falling wedge pattern.
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